https://www.taxtmi.com/caselaws?id=7010 A company could not set off its share of loss from a joint venture against its own other income because the venture was treated as a separate assessable entity. On the facts, the joint venture was regarded either as an unregistered firm or, in any event, an association of persons, so the loss did not belong to the same assessee as the company. The right of set-off under the Income-tax Act applies only where the loss and income are assessed in the same hands, or where the statute specifically permits adjustment, such as in the case of a firm. The assessee-company was therefore not entitled to the set-off. en-us Fri, 05 Aug 1966 00:00:00 +0530 Sat, 07 Feb 2009 19:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7010 A company could not set off its share of loss from a joint venture against its own other income because the venture was treated as a separate assessable entity. On the facts, the joint venture was regarded either as an unregistered firm or, in any event, an association of persons, so the loss did not belong to the same assessee as the company. The right of set-off under the Income-tax Act applies only where the loss and income are assessed in the same hands, or where the statute specifically permits adjustment, such as in the case of a firm. The assessee-company was therefore not entitled to the set-off. Case-Laws Income Tax Fri, 05 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7010